Tata International Limited has alleged a ₹14.85 crore fraud involving a Pune-based trading firm in connection with an edible oil import transaction, prompting a criminal investigation by Mumbai Police.
An FIR has been registered at Wadala TT Police Station, and the case is currently being probed by the Economic Offences Wing (EOW).
Fraud linked to edible oil import deal
According to the complaint, the fraud is linked to a business arrangement between Tata International and a Pune-based firm, Atos Agro Merchant Pvt Ltd, which had been engaged in edible oil trading transactions with the company since 2022.
Under the agreement, Tata International would finance up to 90% of the invoice value for import transactions, while retaining 10% as security.
₹14.85 crore transferred, consignment not delivered
In June 2023, the accused firm reportedly entered into an agreement to supply 2,000 metric tonnes of crude degummed soybean oil valued at approximately ₹16.5 crore.
Based on the deal, Tata International transferred ₹14.85 crore via RTGS to the firm.
However, investigators allege that the consignment was never delivered, and the funds were allegedly diverted, raising suspicions of cheating and criminal breach of trust.
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Transactions worth ₹350 crore under scrutiny
Police said that between 2022 and 2024, the two entities had conducted transactions worth nearly ₹350 crore in the edible oil trade.
Authorities are now examining whether similar irregularities occurred in other transactions during this period.
Accused firm and director named
The complaint names the Pune-based company and its director, Santosh Kumar Vasudev Murthy Gowda, as key accused in the case.
Investigators are probing allegations of:
- Cheating
- Criminal breach of trust
- Misuse of funds
Investigation underway
Mumbai Police’s Economic Offences Wing has begun analysing:
- Financial transactions and bank records
- Trade documents, including invoices and agreements
- Fund flow patterns linked to the deal
Officials are also working to determine whether the alleged fraud was an isolated incident or part of a larger financial misconduct scheme.
The case highlights risks in trade financing and import-based transactions, where advance payments and documentation can be exploited if due diligence mechanisms are bypassed.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
